First, the export growth rate dropped, the import growth rate rebounded sharply, and the scale of the surplus expanded. In October, China’s total import and export value was 297.748 billion US dollars, a year-on-year increase of 21.6%, an increase of 2.7 percentage points over September. Among them, exports increased by 15.9% year-on-year, down by 1.2 percentage points from September; imports increased by 28.7% year-on-year, 7.8 percentage points higher than September. The trade surplus for the month was US$17.033 billion, an increase of US$2.52 billion from the previous month. From January to October, China's total import and export value was 2,975.383 billion US dollars, a year-on-year increase of 24.3%, down 0.3 percentage points from January to September. Among them, exports increased by 22.0% year-on-year; imports increased by 26.9%. From January to October, the trade surplus totaled 124.208 billion US dollars. The trade surplus for the month was US$17.033 billion, an increase of US$2.52 billion from the previous month. From January to October, China's total import and export value was 2,975.383 billion US dollars, a year-on-year increase of 24.3%, down 0.3 percentage points from January to September. Among them, exports increased by 22.0% year-on-year; imports increased by 26.9%. From January to October, the trade surplus totaled 124.208 billion US dollars. Second, the export growth rate of the United States, the European Union and Japan fluctuated slightly, and exports to emerging economies fell sharply. In October, China’s exports to the United States reached US$28.60 billion, up 13.9% year-on-year, up 2.3 percentage points from the previous month; exports to the EU were US$28.74 billion, up 7.5% year-on-year, down 2.2 percentage points from the previous month; exports to Japan were US$12.65 billion. , a year-on-year increase of 19.6%, down 2.0 percentage points from the previous month; exports to Hong Kong increased by 12.9% year-on-year, up 6.0 percentage points from the previous month; exports to ASEAN increased by 14.4% year-on-year, a sharp drop of 13.0 percentage points from the previous month. Third, the export of major products fell back from last month, and the export of clothing and clothing accessories fell significantly. In October, exports of high-tech products, mechanical and electrical products, and clothing and accessories, which are the leading exporters, increased by 6.1%, 12.6%, and 6%, respectively, respectively, down 0.2, 0.6, and 7.9 percentage points from September, respectively. The growth rate was 18.4%, which was 1.7 percentage points higher than that in September. In September, exports of high-tech products, mechanical and electrical products, textile products and clothing and clothing accessories decreased by 1.4%, 4.7%, 6.3% and 18.9% respectively. 4. Imports of major primary products increased year-on-year, and import prices continued to fall at a high level. Imports of major primary products increased positively in October, with imports of cereals and grain flour, crude oil and unwrought copper and copper increasing by 5.7%, 26.9% and 40.2%, respectively. In October, some international commodity prices fell, iron ore. The import prices of sand and concentrates, primary plastics, steel and unwrought copper and copper decreased by 0.2%, 2.2%, 2.3% and 8.2%, respectively. 5. The export growth rate is expected to continue to fall in November, and the import and export situation is cautiously optimistic throughout the year. The risk of global economic downturn has increased, and weaker external demand will drag down China's exports; the PMI new export orders index (48.6%) fell back below 50 in October, indicating that export growth is not optimistic in the coming months. Considering that the import and export base in November last year was higher than that in October, it is expected that the export growth rate will continue to fall in November this year. We remain cautiously optimistic about the annual export situation.
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